Common Trends in Introducing Esg-Standards in Russia and Abroad

Abstract

ESG (Environment, Social, Governance) concept is a code of rules and approaches dealing with doing business that fosters its sustainable development. Today it covers a lot of countries of the world, including Russia. The article studies acute problems of introducing ESG-standards on sustainable development in Russia and overseas countries. At present there are more than 70 standards, however a unique ESG-standard has not been developed yet. Due to the fact countries use existing standards or develop their own ones. The authors show that the development of standards can have different stages: some countries only consider the idea of standards, while others have already been developing them. Russia could reorient to Asian markets, where ESG concept is no less important than in Europe. Agenda of sustainable development is being transformed and the idea of ESG concept is moving from ecological sustainability to social tendency in line with economic adaptation to the current conditions. In Russia the home ESG-trend starts developing, which orientates to home market: own rating agencies, national ESG-scoring, ESG-register, etc. In the future ESG-partnership can be extended to EAEU countries, BRICS and some countries of the Pacific region.